Evonik Sells Polyimide Foam Business to Boyd

German chemical producer Evonik has sold its business with low-density polyimide foams, sold under the Solimide trademark, to US-based Boyd Corporation for an undisclosed sum.

Acquiring the Evonik business "represents a unique opportunity for our company to obtain a high-performing technology that positions us to realize significant growth within key commercial aerospace, defense and building infrastructure segments," said Mitch Aiello, president and CEO of Boyd Corporation President.

The foams invented by the US National Aeronautics and Space Administration (NASA) are used in thermal and acoustic insulation. With the acquisition, the US group, a global supplier of engineered, specialty material-based energy management and sealing solutions, is picking up a production facility in Magnolia, Arkansas and administrative offices in Allen, Texas.